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WAEC Commerce 2012 Question 34

Question 34

Purchase and Sale of Goods

The buyer in a hire purchase contract becomes the legal owner of the goods by paying

  1. A.initial deposit.
  2. B.the last instalment.
  3. C.half of the purchase price.
  4. D.two-third of the purchase price.
Show the answer and explanation

Answer: B (the last instalment.)

Explanation

Ownership passes under hire purchase only when the last instalment is paid.